MICROFINANCE AND POVERTY ALLEVIATION- A MULTI-DIMENSIONAL LITERATURE REVIEW

SARAH KASAMBALA, YIN JIANHUA

Abstract


This paper aims to offer a review of literature on microfinance for poverty alleviation, focusing on the different dimensions of how microfinance plays a positive role in alleviating poverty. A narrative-contextual method was used to review the relevant literature. In total, 53 relevant articles on microfinance and the role it plays in alleviating poverty were reviewed and synthesized in different dimensions to provide a holistic picture of the positive relationship.
Findings support Microfinance indeed plays a significant role in improving the living standards of its beneficiaries but there is room for improvement in microfinance program-design. Findings suggest that in addition to micro-loans, the poor population need access to non-financial support to complement them in the hope to uplift them out of poverty. There is a need for matching of demand and supply sides in terms of products and delivery mechanisms.
Research implications – The findings can be used by microfinance practitioners to assess and improve their program designs to match the needs of their clients, address the sustainability issues and work with policy makers to facilitate such policy implications like access to education, clean water and infrastructure

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ISSN : 2251-1571